Singapore legislation
Section 65D
Section 65D
Section 65B notice applies despite duty of secrecy under Banking Act 1970 or Trust Companies Act 2005
(1)
This section applies where —
the Comptroller requires any information for the administration of this Act, other than for an investigation or a prosecution for an offence alleged or suspected to have been committed under this Act;
the information is protected from unauthorised disclosure under either of the following laws (called in this section the relevant laws):
section 47 of the Banking Act 1970 including that section as applied by section 55ZI(1) of that Act;
section 49 of the Trust Companies Act 2005; and
a person is given a notice, or is required, under section 65B to provide the information or to produce a document containing the information.
(2)
Despite anything in section 65B(2)(a), a person issued with a notice or requirement mentioned in subsection (1)(c) is not excused from providing the information or document by reason only that the person is under a statutory obligation to observe secrecy under a relevant law, and that notice has effect despite the relevant law.
(3)
A person who in good faith complies with a notice or requirement mentioned in subsection (1)(c) is not treated as being in breach of the relevant law.
(4)
No action for a breach of the relevant law shall lie against the person mentioned in subsection (3) —
for producing any document or providing any information if the person had done so in good faith in compliance with a notice or requirement mentioned in subsection (1)(c); or
for doing or omitting to do any act if the person had done or omitted to do the act in good faith and as a result of complying with such a notice or requirement.
(5)
In this section, a notice under section 65B to provide information includes a demand for information as defined in section 65C(10).